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Borrowers could see more fiscal stimulus from the government and even more aggressive cash rate cuts as the outlook for the economy continues to deteriorate.
NAB’s Monthly Business Survey and Economic Outlook released today shows business confidence reached a record low in November to negative 30 index points. Business conditions also fell sharply to negative 17.
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Off the back of the survey’s results NAB downgraded its forecasts for economic growth from 1.25 per cent to just 0.5 per cent in 2009 with a recession likely in the non-farm economy “at least”.
NAB also anticipates further fiscal policy action and a reduction in the cash rate to three per cent early next year.
